Global private equity group CVC is reportedly close to launching an £8.56 billion bid for Franco-Spanish tobacco firm Altadis.
If an offer was forthcoming it would be the second time in the last two months that CVC had bid for Altadis.
In May, the private equity group launched an £8.7 billion bid, but the deal collapsed when consortium partner PAI pulled out.
Today's report in Spanish daily La Gaceta de los Negocios said that a formal offer would be made tomorrow.
The newspaper said that the success of the bid, reportedly financed by a large number of banks including Goldman Sachs, Societe General and ING, hinged on whether CVC can convince 75 per cent of Altadis' shareholders to accept its overtures.
Altadis is yet to respond to a €47 (£32) per share offer from UK firm Imperial Tobacco.
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